Fed ETF Purchases, China Soybeans, Argentine Debt: Eco Day

(Bloomberg) -- Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The Fed said a facility designed to purchase eligible corporate debt from investors will launch on May 12, bringing a key part of the U.S. central bank’s emergency coronavirus lending program online following weeks of anticipation
  • The Fed is designing its lending program for U.S. states and cities in a way that will likely deter cash-strapped governments from using it
• U.S. small-business owners are more pessimistic about their revenue outlook than at any point in decades, even as a greater share anticipate the recession will be brief
  • The U.S. economy may shrink this quarter by the most since the 1940s, according to Bloomberg Economics’ Recovery Tracker
  • Here’s who’s hiring in the U.S. during the pandemic
• China is stepping up purchases of soybeans from the U.S. as Brazilian sales start to wane and the Asian nation seeks to meet its pledges under the trade deal with Washington, according to people familiar with the matter
  • Senator Ted Cruz said he plans to introduce legislation on Tuesday that aims to end U.S. reliance on China for rare earth elements
  • The Trump administration moved on Monday night to block investments in Chinese stocks by a government retirement savings fund
• The next housing crisis is here, and this time, it’s about rentals. Across the U.S., landlords and tenants are wrangling over next month’s rent while an approaching avalanche of evictions threatens to bury them both
• President Donald Trump and allies are holding off on more coronavirus-related stimulus as his team tracks the impact of some $5 trillion already poured into the economy, but they may find themselves under more pressure to act again if efforts to reopen the economy don’t rapidly bear fruit
• Argentina extended the deadline for bondholders to consider a $65 billion restructuring offer, buying time for more talks after the government failed to win enough support to reach a deal

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